All banks and federally insured financial institutions within the city which are incorporated under federal or state law are hereby designated as depositories for the funds of the city. The city treasurer shall deposit daily funds of the city. The city treasurer shall deposit daily all public funds received by him/her in such institutions. Funds may be transferred from one depository to the other as the financial management committee appointed by the council may direct. (1985 Code ch. 7 § 2-1)